With respect to utilities operating in Brevard County, the commission in all rate
proceedings concerning said utilities shall investigate and determine the fair value
of the utilities' property used and useful in the public service as of January 19,
1961, the date on which Brevard County enacted a resolution declaring that Brevard
County was subject to the provisions of F.S. ch. 367; and shall further investigate
and determine the actual legitimate costs to said utilities of all additions thereto
subsequent to January 19, 1961, the date of said resolution. In all rate proceedings
concerning said utilities, the commission shall allow to the utilities a fair return
on the fair value of the utilities' property used and useful in the public service
as of January 19, 1961, the date Brevard County enacted a resolution declaring that
Brevard County was subject to the jurisdiction of F.S. ch. 367, together with a fair
return of the utilities' actual costs of all net additions thereto subsequent to said
date. The commission shall determine that the net investment so computed shall be
the money honestly and prudently invested by the public utility in property used and
useful in serving the public, less accrued depreciation, and shall not include any
contributions in aid of construction.
(Laws of Fla. ch. 70-604, § 3)
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